Irish voters back fiscal treaty

The people of Ireland have voted in favour of the European fiscal compact.

Official results published this afternoon (1 June) show that 60.3% of voters were in favour of the treaty, with 39.7% against.

Herman Van Rompuy, the president of the European Council, said: “With this vote, the Irish people have given their endorsement and commitment to European integration.

“This result is an important step towards recovery and stability.”

Ireland is the only country to have held a referendum on the inter-governmental treaty, which has been signed up to by all European Union member states apart from the Czech Republic and the United Kingdom.

A ‘No’ vote would not have proved fatal to the treaty because only 12 of the eurozone’s 17 member states have to ratify it before it comes into force.

However, rejection in Ireland would have been a headache for the eurozone’s leadership at a time when they are trying to work out how to deal with Spain’s fragile banking sector and with the prospect of an anti-bail-out party winning Greece’s general election on 17 June.

Ireland would not have been allowed to tap the eurozone’s emergency rescue funds after its current bail-out package expires in 2014 if it had voted against the treaty.

The treaty lays down strict fiscal rules for countries, including debt and deficit targets.

Denmark’s parliament also voted in favour of the fiscal compact today, leaving 16 countries still to ratify it.